Description

Consolidated master circular consolidating all applicable SEBI circulars and guidelines for Research Analysts and Research Analyst Administration and Supervisory Body (RAASB) for effective regulation.

Summary

SEBI has issued a comprehensive Master Circular dated February 06, 2026 (Ref: HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026) consolidating all applicable circulars and guidelines for Research Analysts at one place. This master circular rescinds all directions/instructions contained in the circulars listed in its appendix while preserving the validity of actions taken under previous circulars. The circular is issued under Section 11(1) of the SEBI Act, 1992.

Key Points

  • Consolidates all SEBI circulars related to Research Analysts into a single master circular
  • Rescinds all previous circulars listed in the appendix to the extent they relate to Research Analysts
  • Actions taken under rescinded circulars remain valid and deemed to be taken under this Master Circular
  • Pending applications and ongoing proceedings under old circulars continue under new provisions
  • Contains 13 major sections covering guidelines, administration, investor complaints, technology, and miscellaneous matters
  • Available on SEBI website at www.sebi.gov.in under Legal > Master Circulars

Regulatory Changes

Framework Consolidation: This master circular consolidates the entire regulatory framework for Research Analysts including:

  • Guidelines for Research Analysts and Proxy Advisors
  • Administration and supervision framework through RAASB
  • Recognition of BSE Limited as RAASB
  • Investor complaint and grievance resolution mechanisms
  • Technology and software requirements (SaaS-based solutions)
  • Change in control approval procedures
  • Advertisement code and brand name usage
  • Fee collection mechanisms

Rescission with Continuity: All previous circulars are rescinded but their legal effect is preserved for past actions, pending applications, and ongoing proceedings.

Compliance Requirements

Applicable to: All Research Analysts and Research Analyst Administration and Supervisory Body (RAASB)

Key Compliance Areas (as per Table of Contents):

  1. Adherence to guidelines for Research Analysts and Proxy Advisors
  2. Compliance with RAASB administration and supervision framework
  3. Investor grievance resolution through SCORES and ODR platforms
  4. Following Investor Charter for Research Analysts
  5. Technology compliance for SaaS-based solutions
  6. Prior approval requirements for change in control
  7. Compliance with advertisement code and brand name usage
  8. Optional fee collection mechanism requirements
  9. Standards for circulating news and information

Action Required: Research Analysts must refer to this consolidated master circular for all applicable regulations instead of previous individual circulars.

Important Dates

  • Circular Issue Date: February 06, 2026
  • Effective Date: Immediate (rescission of previous circulars effective from issuance)
  • No specific compliance deadlines mentioned - consolidation circular with ongoing applicability

Impact Assessment

Regulatory Impact: High - This is a significant consolidation exercise bringing all Research Analyst regulations under one comprehensive document, making compliance easier and more transparent.

Operational Impact: Medium - While no new substantive requirements are introduced, Research Analysts need to familiarize themselves with the consolidated framework and ensure their practices align with all provisions contained in this 107-page master circular.

Market Impact: Low to Medium - Streamlines regulatory framework for Research Analysts, potentially improving compliance and market confidence in research services.

Key Stakeholders Affected:

  • All registered Research Analysts
  • Research Analyst Administration and Supervisory Body (RAASB)
  • Proxy Advisors
  • Listed entities interacting with Research Analysts
  • Investors relying on research reports

Impact Justification

Master circular consolidating all applicable regulations for Research Analysts, rescinding multiple previous circulars and establishing comprehensive regulatory framework for the sector.